All Forum Posts by: Michael Giorgianni

Are any of you attending the local Richmond REIA?

I'd strongly suggest getting involved with the Richmond REIA. I attend there every meeting. RichmondREIA.org will take you to their Meetup. You'll meet a lot of like minded people. I'm an active wholesaler between Danville and Richmond, VA. I work both markets. Feel free to shoot me a message.

@Jeremy Tillotson - We did about 3 years later.  I just did a re-fi so I can pull money out for an equity line.

We actually did this with one of our family members that passed away.  Continued to make the payment.  Had the property deeded to us, mortgage was still in deceased name, paying their insurance and mortgage payments. Nothing was ever mentioned. 

It also depends on your market though as well.  If your marketing to luxury home areas then the typical yellow letter to my knowledge won't be as effective as a professional typed letter.

Hand Written statistically has always brought a better return of calls.  Although there is a youtube video out there that will show you how to convert your handwriting to a font..Then creating a document in word that is easily printed onto normal yellow letters.  It has saved me a large amount of time.

Now I just order from yellowletters, they offer a great service at a great price if you start to factor in ink, paper, time, postage etc.

I live in Danville and have sold a lot of investment properties here.  Most with tenants in place already generating income.  I also provide recommendations for local property management, maintenance etc.  The return is great here!

Hope to see you all at the next Richmond REIA meeting in December!

David gave some great advice.  Like I said previously, whatever is justified to your market place.  A lot of different kind of buyers out there. Some have a minimum amount of profit, some of a percentage base of profit.  Build report with your buyers, just as you do your sellers.  

$52k on a wholesale deal in that price bracket is insane!!! LOL  

Whatever is justified to your marketplace. If you stick with what's common on figuring a rehab then simply take your ARV x .65-.70 = {amount} then subtract your repairs, then subtract what you want to make on the deal. All depends on your market and what you think you can get. Doesn't matter if it's $1,000 or $50,000...